近几年来，新兴市场经济快速发展，在世界市场的地位日益突出，成为世界经济增长的主要核心力量；但同时随着国际资本流动规模的日益庞大，其易变性的破坏力也越来越大，从而影响国际收支的可维持性，且在新兴市场国家表现得尤为强烈，这加剧了新兴市场国家金融脆弱性。本文选取亚洲地区新兴市场的国际收支进行研究，结果显示2008年金融海啸对于亚洲新兴市场的整体国际收支影响甚巨；国际收支自动调节机制仍能发挥作用，但其中还有很长的道路要走。

关键词：新兴市场、国际资本流动、国际收支状况

In recent years, with the rapid development and the position in the world market becoming more and more prominent, emerging market has become the main core force of world economic growth. However, as international capital flows become larger and more volatile, they became more disruptive and affected the sustainability of the balance of payments. This is particularly true in emerging market countries that exacerbates their financial vulnerability. In this paper, the balance of payments of emerging markets in Asia is selected, and the results show that the effect of 2008 financial tsunami on the overall balance of payments of emerging markets in Asia is very large. The automatic balance-of-payments adjustment mechanism still works, but there is still a long way to go.

Keywords: Emerging Markets, International Capital Flows, Balance of Payments